UFBU protest against privatization of public sector banks

Jammu| : A massive demonstration of Bank Employees was held at Shalamar Road in front of Punjab National Bank Thursday, under the banner of UNITED FORUM OF BANK UNIONS since there was no positive development in the conciliation meeting on 14th Dec 2021 . It has been decided to go ahead with the strike on 16th & 17th Dec’ 2021 TO OPPOSE PRIVATISATION OF PUBLIC SECTOR BANKS.
The demonstration was addressed by Arun Kumar Gupta, General Secretary JAMMU PROVINCE BANK EMPLOYEES FEDERATIN who informed the gathering that the reason for 2 Days continuous nationwide Bank Strike on 16th and 17th December, 2021 by one million bank employees against the Government decision of privatization of two public sector Banks and well as bringing Banking Amendment Law Bill in this session of parliament. Com. Gupta reminded that 14 Major private Banks were nationalized in 1969 and 6 more private banks were Nationalized in 1980. State Bank of India, its Subsidiary Banks, as well as the Regional Rural Banks, and the nationalized banks put together became the sheet-anchor of national economic development.
Under the Public Sector Banks expansion started, reaching out to the common masses, bank branches started to be opened in rural areas and remote villages, precious savings of the people were mobilized and brought into banking system. Hitherto, neglected sectors like agriculture, employment generation,productive activities, poverty alleviation programs rural development, health, education, exports, infrastructure, women empowerment, small scale and medium industry, tiny and micro industries, etc. became the priority sector and focused attention of Banks.
There is a wrong perception and mistaken information that public sector banks are not earning profits and are incurring losses. But the fact is that Public Sector Banks are earning huge operating profits. Instead of further strengthening public sector banking, the present policies are aimed to weaken PSBs, by starving them of the required capital, human resources, allowing private hands through disinvestment and proposed privatization moves. WEAKENING OUR PUBLIC SECTOR BANKS IS UNWARRANTED, UNJUSTIFIED AND IS A REGRESSIVE STEP.
Com. Ashwani Pradhan, General Secretary , AIBOA (J&K CHAPTER) also addressed and demanded strengthening of public sector Banks, by adequate infusion of capital, human resources and strengthened statutory framework to recover the stressed assets. Thursday Banks employees strike is grand success in entire J&K and tomorrow will also be the grand success.
Those who also addressed the gathering are Comrades TARA SINGH,YOGESH KUMAR, A.B.KHAJURIA R.K.BAMBA, HARMINDER SINGH,T.K.TIKOO, GANESH KUMAR,JATINDER KUMAR,HARBANS LAL, KEWAL KUMAR, AVINASH SHARMA, SAHIL GUPTA,R.K.BHAT etc.